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Listed below in random order are the eight steps compromising a complete accounting cycle:
Prepare a trial balance.
Journalize and post the closing entries
Prepare financial statements.
Post transaction data to the ledger
Prepare an adjusted trial balance
Make end of period adjustments
Journalize transactions
Prepare an after closing trial balance
A) List these steps in the sequence in which they would normally be performed .
B) Describe ways in which the information produced through the accounting cycle is used by a company's management and employees
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